Six billion Euros have been transferred from Iraqi Kurdistan Region to abroad by Abor Land Company, which is based in Erbil, the capital city of Kurdish region.
According to the leaked documents dated 2018, over 6 billion Euros have been transferred from a Erbil-based private company called Abor Land or (Abor Group), to outside the region in form of bank investment.
After leaking the documents, the accused company denied the transfer of the money in a statement, without publishing any evidence.
No company in Iraqi Kurdistan can have such huge capital except the ruling families in the Kurdistan region.
Kurdistan Regional Government has been delaying the disbursement of cash salaries to civil servants due to severe budget crisis, which the main cause is corruption and mismanagement.
Abor Group is a diversified group of companies operating in industries spanning investment, construction, finance, global trading, energy, and real estate.
Since its inception in 2010 the group has been a frontier in multiple business sectors. The group’s headquarters is in Erbil, Kurdistan Region of Iraq. Abor has created a vast number of jobs directly through its investments, businesses, projects, and factories or indirectly through financing other businesses and individuals in the countries in which it operates.
For many years, transparency organizations, lawmakers, observers, and international organizations have accused senior Iraq’s Kurdistan Regional Government KRG officials of corruption and money laundering, especially with regard to expropriation of the Kurdistan’s oil income.
PDK and PUK, the two ruling parties in Kurdistan, control almost every sector of the economy of the region. Their giant companies monopolize nearly all major industries, including energy, communications, construction, manufacturing, and agriculture but the companies owners not under their names, which usually makes it difficult to prove that they are owned by them.
Contribution by Ekurd.net